FAST FIVE: Evidence The US Economy Could Be Plunging Into A Very Deep Recession Is Rapidly Mounting
Economists had expected a reading of positive 10, according to a survey by Econoday.
Our analysis shows downside risk to ISM new orders (25% y/y), S&P earnings revisions breadth (6-13%) and the S&P 500 y/y (8%) if historical links hold.
And if a trade war with China wasn't enough, now we also have a trade war with India to deal with. In fact, India just hit US exports with a wave of very large tariffs- India just increased tariffs on US exports, dealing another blow to fragile global trade.
The program exempted Indian goods worth more than $6 billion from US import duties in 2018.
And now is definitely not a good time for a recession, because much of the country is completely and utterly unprepared for any sort of an economic downturn. The following comes from an opinion piece authored by William Spriggs- One oft-cited statistic points to just how unstable the finances of most Americans are: nearly 40 percent of households could not withstand an unexpected expenditure of $400 – the cost of just one medical bill or car repair.